What is Special Assessment Level?
Residential property owner(s) receiving the homestead exemption who are 65 years old or older and earn a combined adjusted gross income for the year 2005 of $56,744 or less per year can freeze the assessed value of their homestead. The level may change from year to year, so it is advisable to check with the assessor’s office to determine whether you qualify. An eligible owner shall apply for the special assessment level by filing a signed application with the Assessor’s Office and providing proof of age and income (ex. W-2, 1099-R, Etc.). This special assessment will freeze the assessed value of the homestead for as long as the applicant owns and resides in the home and income does not exceed the maximum allowed. This special assessment level is lost if improvements in excess of 25% of the home’s value are added. The freeze extends to a surviving spouse who is at least 55 years of age, and meets all other qualifications.
